Femi Otedola Increases First HoldCo Stake to Nearly 22 Percent

First HoldCo Plc Chairman Femi Otedola increased his total shareholding in the financial institution to approximately 21.96 percent following a N77.6 billion acquisition on July 22, 2026. Using his investment vehicle, Calvados Global Services Limited, Otedola purchased 706.13 million ordinary shares at N109.88 per share on the Nigerian Exchange. This transaction raised his stake from 20.42 percent and brought his combined direct and indirect holdings to roughly 9.28 billion shares.

The acquisition follows a series of investments by Otedola, including a N43.413 billion purchase on May 13 and another acquisition of approximately 680 million shares in June. His total investment valuation has now risen to N1.04 trillion. This activity coincides with First HoldCo becoming the first Nigerian banking stock to surpass a N5 trillion market capitalization and reporting record half-year earnings.

First HoldCo is currently utilizing a private placement programme to strengthen the balance sheet of its commercial division, First Bank of Nigeria Limited. The company aims to increase its paid-up capital to N1 trillion as Nigerian banks work to meet higher minimum capital requirements established by the Central Bank of Nigeria. Despite Otedola's increased position, RC Investment remains the largest overall shareholder with a 22.94 percent stake.